INVESTORS EAT FIRST.

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  • Author(s): MARKEY, EILEEN (AUTHOR)
  • Source:
    Nation. 6/26/2023, Vol. 316 Issue 13, p18-33. 7p. 4 Color Photographs, 4 Illustrations.
  • Additional Information
    • Subject Terms:
      INVESTORS; BUSINESS enterprises; FINANCIAL crises; REAL estate management; FORMERLY incarcerated people
    • Abstract:
      But the reality is that these practices are enabled by the public in the form of the Federal Home Loan Mortgage Corporation, or Freddie Mac, which the federal government relies on to expand - not destroy - the supply of affordable housing by purchasing mortgages on the secondary market. FEATURES Mr. julius bennett, 86, stately in a long coat and fedora, walked dutifully into a courtroom on the third floor of the Bronx County Housing Court. In the investor information portal that Freddie Mac maintains for its commercial-mortgage-backed securities, it is plain as day: The owner of 311 East 193rd Street allotted $7,575 annually to maintenance and zero to capital expenses in a building worth $3.4 million - on which it was paying $9,500 in debt service. Then, in September, he re-financed his mortgages with Arbor Realty, another of Freddie Mac's servicers, borrowing an additional $3.6 million across seven buildings, including $1.2 million on Vianca's building. [Extracted from the article]
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